The move has been seen as extremely positive for the crypto industry as her nickname is ‘crypto mom’. The Senate Banking Committee cleared Peirce’s nomination on Wednesday, extending her term until 2025.
Pro Crypto SEC Commissioner
Peirce is very pro-crypto and fintech innovation, commenting last month that it is “going to be here to stay and I would like us to set up a regulatory framework that works well for crypto”. She has also stated that she wants to try to work on the Commission’s attitude toward innovation, especially where crypto is concerned, according to Forbes.
The SEC has five Commissioners serving five-year terms who are appointed by the President of the United States with the advice and consent of the Senate. According to the official SEC website, Peirce was originally sworn in on January 11, 2018.
In an official statement on Thursday, the regulatory body congratulated the commissioners, adding;
“On behalf of our 4,500 dedicated colleagues, we applaud their long standing commitment to investors and look forward to their continued work to advance the SEC’s vital mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”
Positive for Crypto
Former U.S. Financial Regulator at the FDIC, Jason Brett, stated that crypto and blockchain has hope for regulatory clarity on tokens.
Boom! Parental supervision for #crypto at the SEC through at least 2025! @HesterPeirce has been confirmed by the U.S. Senate for 2nd term. #crypto and #blockchain has hope for regulatory clarity on blockchain tokens. Way to go #CryptoMom via @ForbesCrypto https://t.co/6AB9CSRITk
— Jason Brett (@jason_vtf) August 7, 2020
Peirce has been outspoken as to how the SEC has ‘muddied the waters’ in terms of regulatory clarity regarding digital assets, and she aims to add some clarity to the situation.
In one of several dissenting statements about the regulator’s repeated stifling of innovation, Pierce wrote:
“By withholding approval of a bitcoin-based ETP because the underlying market insufficiently resembles the markets for other commodities, we set ourselves up as the gatekeepers of innovation.”
Referring to another rejection by the SEC in February this year, Peirce added;
“This order is the latest in a long string of disapproval orders that the Commission has issued regarding bitcoin-related products.”
With crypto markets on the verge of another big bull run, the appointment of an industry-friendly ally with a seat at the table of the world’s largest regulator can only be considered as very good news.